As you may be aware, the Department of Real Estate is conducting an audit of Brokers that are licensed to do loan modifications for an advance fee. The information that the DRE is asking for includes but is not limited too:
- Copies of ten advance fee agreements that you have entered into and signed by the principals. - Copies of verified accounting that have been provided to the principals. - Copies of bank statements for the past three months from the depository for the trust account. - Copies of separate records kept for each beneficiary. - Copies of monthly reconciliations for the trust account into which advance fees are deposited. - Contact information for each principle in the above advanced fee agreements. - Copies of successful loan modifications you have negotiated.
Fines for violations of aforementioned requirements can range from $10,000 to $50,000 and/or up to 6 months in jail.
We can help. ASB Capital Group is registered with the DRE to perform Loan Modifications for an advance fee and in compliance with the Loan Modification Regulations. Our firm has been on the forefront of Loan Modification compliance and has consulted many brokers and attorneys on advance fee agreements and related activities. Our services include but are not limited too trust account compliance, file documentation compliance, Licensing compliance & accounting compliance. Our rates are reasonable. If you are concerned about the size of your current audit fee, please give us a call. We can provide you with an indicative price (obligation free of course).
Should you have any questions or require our services please do not hesitate contacting our office at (818)-881-8883.
Very Truly Yours,
Allen S. Brodetsky Real Estate Broker
If you are a broker or loan officer interested in learning how to legally do loan modifications for an advanced fee or would like to learn about loan modifications in general please visit
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